The so-called Kimchi premium, which measures the premium of the Bitcoin (BTC) price in South Korea’s cryptocurrency exchange market, has plummeted. The premium declined from 22% to 15% within a matter of hours on April 7, and it is continuing to drop across major South Korean exchanges. A big pullback in South Korea’s Bitcoin market As CryptoQuant CEO Ki Young Ju noted, the price of Bitcoin fell particularly hard on South Korean exchanges. As the price of Bitcoin dropped, the Kimchi premium fell in tandem. But, since BTC’s price fell significantly harder on South Korean exchanges, the premium plunged quickly …

Crypto price tracking website CoinMarketCap has removed many South Korean exchanges from its calculations for the price of Bitcoin as the coin dipped under $58,000 again. As of today, CoinMarketCap’s Bitcoin (BTC) price tracker shows no data from major South Korean crypto exchanges including Upbit, Bithumb, Coinone and Korbit. The website uses data from many exchanges to estimate the average price for cryptocurrencies. At the time of publication, the price of Bitcoin is $57,721, having fallen more than 2% this morning. Speaking to Cointelegraph, CoinMarketCap content manager Molly Jane Zuckerman said the removal was due to the premium observed on …

The price of Bitcoin (BTC) is continuing to range between $56,000 and $60,000, as the so-called "Kimchi premium" is surging to yearly highs. Kimchi premium forms when Bitcoin is trading at a higher price in South Korea over other major markets like the United States. In 2017, the Kimchi premium surpassed 20%, causing Bitcoin to trade at around $24,000 in South Korea while it topped at nearly $20,000 in the U.S. Last week, on March 29, this premium resurfaced, hovering at 6%, which has since climbed to around 11%. Kimchi premium is at 11%, is this bad for Bitcoin? The …

South Korean prosecutors have finally sold a Bitcoin (BTC) haul they confiscated from a criminal in 2017 and it’s worth $10.5 million more than it was at the time of the arrest. The cash has reportedly been deposited in the coffers of the country’s national treasury. According to reports coming out of the Suwon District Prosecutors Office, this is the first time confiscated Bitcoin has been sold by authorities, and the first time the coins in question have moved since being put into cold storage in 2017. Originally worth $238,000 at the time of the confiscation, the coins were recently …

South Korea, which has begun its COVID-19 vaccine rollout for residents over 75 years of age, has revealed plans to use blockchain technology to certify forthcoming vaccine passports for immunized citizens. According to Reuters, Prime Minister Chung Sye-kyun told a government meeting that a new mobile app will be used to manage digital proofs of vaccination, and is expected to launch later in April. Blockchain technology will be used to ensure that citizens are not able to forge evidence of having ostensibly received a jab. “The introduction of a vaccine passport or ‘Green Pass’ will only allow those who have …

South Korea will introduce blockchain-powered vaccine passports via a smartphone app later this month, the country's prime minister said Thursday. South Korea is joining a number of other nations in introducing vaccine certificates that enable cross-border travel while mitigating the risk of infections. Prime Minister Chung Sye-kyun suggested there could be substantial benefits for citizens at home too: “The introduction of a vaccine passport or ‘Green Pass’ will only allow those who have been vaccinated to experience the recovery to their daily lives,” he said during a daily inter-agency pandemic response meeting. The government developed the app using blockchain technology …

The "Kimchi premium" is back. Bitcoin (BTC) is trading more than 6% higher across major South Korean crypto exchanges as of March 29. Data from CryptoQuant shows that the premium in the South Korean market was nonexistent for many months and, in fact, dropped to around -6% in early February when BTC dipped below $30,000. The so-called Kimchi premium forms when the price of Bitcoin trades higher on South Korean exchanges than other markets. The return of this premium is a bullish sign suggesting that demand for Bitcoin in South Korea is likely outpacing supply. Why the Kimchi premium could …

From real-name account trading to investigating individuals using cryptocurrencies to evade taxes, government officials in South Korea are enacting stricter regulations to oversee the cryptocurrency industry in the country. These measures often require digital currency businesses to provide detailed customer data and transaction information to the relevant authorities. With these stringent measures often comes an increase in the cost of compliance for exchanges and other crypto service providers. Privacy concerns are another issue amid the swath of information being provided to government agencies. However, this strict regulatory climate has done little to dampen the enthusiasm for cryptocurrencies in South Korea. …

South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on Thursday that will require all cryptocurrency businesses to comply with new crypto reporting regulations and registration rules. As an article from the Korea Herald outlines, industry experts fear that the impact of the new measures — specifically, the incoming Specific Financial Transactions Act — will have damaging consequences for most domestic cryptocurrency firms. The act requires all virtual asset operators to seek official registration, for which they must show evidence that they are operating using real-name accounts at South Korean …

The South Korean branch of global cryptocurrency exchange OKEx is shutting down operations next month, OKEx Korea officially announced Tuesday. Users will have to withdraw their Korean won and crypto holdings by April 7. After that date, the exchange “will not be held liable for any losses arising from failure to withdrawal by the customer,” OKEx Korea stated. OKEx Korea will accept withdrawal applications on a 24/7 basis until 6:00 p.m. local time on April 7. Requests for withdrawals will not be honored if they are less than a predetermined minimum amount. The announcement comes shortly after OKEx Korea temporarily …

Major South Korean internet company Naver has reportedly begun negotiations to acquire a stake in the country’s largest cryptocurrency exchange, Bithumb. Naver has discussed a potential equity stake acquisition with major Bithumb stakeholder Vidente, local publication the Maeil Business Newspaper reported Monday, citing several unnamed sources. Naver is the provider of South Korea’s largest search engine and Line messenger, and is reportedly seeking to expand its platform’s presence in the country’s fintech market. The internet giant is reportedly planning to add Bitcoin (BTC) as a payment option on its payment services Naver Pay as well as Line Pay in Japan …

According to Korean media, U.S.-based multinational investment banking giant Morgan Stanley is rumored to be negotiating the acquisition of a significant share in leading Korean cryptocurrency exchange, Bithumb. The news was reported on March 18 by Aju News, with Bithumb reportedly in discussions with major Bithumb shareholder, Bident — who owns a roughly 10% stake in Bithumb Korea. A March 19 article from leading local search engine Naver states that Morgan Stanley is planning to invest between 300 and 500 billion Korean won ($254 million to $441 million). The report cited an anonymous senior Bithumb representative as stating, “Morgan Stanley …